Since the late ‘90s in Canada, bank robberies have been on a decline; between 1998 and 2008, such incidents decreased by 38 percent, according to a report by Statistics Canada. While robberies are still a risk factor for banks and financial institutions across the country, time and technology have brought other security risks to the forefront.
Fraud, while not a new risk factor, is rapidly changing and now encompasses a wide-range of possibilities, such as internal and external fraud, card-skimming or ATM fraud, and other cyber fraud. With the explosion of online banking and continual offering of new online/mobile services, fraud remains one of the main security risks for banks.